UAE’s Manazel to invest $11 bln in mid-price housing

ABU DHABI - Abu Dhabi-based private property developer Manazel Real Estate said on Wednesday it plans to invest more than $11 billion in the Middle East and North Africa to tap growing demand for mid-range housing.

By (Reuters)

Published: Wed 2 May 2007, 6:44 PM

Last updated: Sat 4 Apr 2015, 10:55 PM

“One year after we started, our investments in the United Arab Emirates have increased to more than $2.5 billion,” Chairman Mohammed al-Qubaisi told reporters.

“We are planning to invest more than $11 billion in the whole (Middle East and North Africa) region within the next five years,” he said, adding that projects were under way in Tunisia and Jordan.

“Besides these two countries, Saudi Arabia, Qatar, Kuwait, Egypt and Morocco are the target countries where we will introduce our unique concept of middle class housing projects.”

He said more than 70 per cent of all real estate projects in the UAE in the next few years would concentrate on creating mid-range housing projects.

Financing for the projects will be through bank loans including Islamic financing, he said without elaborating.

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